According to publicly available court documents, Twitter sued Elon Musk to force him to buy the company for $44 billion.
Last week, Musk withdrew from the deal, citing concerns that there were bots and spam accounts on the platform. As a result, Twitter hired Watchell, Lipton, Rosen & Katz LLP to prepare for the lawsuit filed in the US state of Delaware.
Case cryptocurrency Investors are followed closely.
What are the details of Twitter’s lawsuit against Elon Musk?
The petition includes the following statements:
“Elon Musk, who put on a public show to put Twitter up for sale and proposed and signed a seller-friendly merger agreement, appears to be changing his mind, hurting the company, disrupting operations, destroying shareholder value and walking away, unlike any other party under Delaware contract law. He believes he is free.”
The petition includes the following statements:
“Twitter has the right to demand that the defendants’ obligations under the merger agreement be privately fulfilled and that the benefit of Musk’s settlement is secured for Twitter’s shareholders.
Musk and his organizations should be prevented from committing any further violations, ordered to comply with their work obligations to meet a few agreement conditions, and agreement should be made upon meeting those conditions.”
In a letter sent to Twitter yesterday, it was emphasized that Musk’s move to terminate the agreement was “invalid and unfair”.
The 62-page lawsuit details Musk’s ongoing relationship with the company:
“Elon Musk wants to pass it on to Twitter’s shareholders, rather than bear the cost of the market downturn as required by the merger deal.
This is similar to the tactics Musk has used against Twitter and its shareholders since he began buying an undisclosed amount of shares in the company earlier this year and continued to expand his position without due notice.”
*Not investment advice.